Karnataka Bank Launches National Pension System in Mangaluru

Posted on:18 Feb 2017 09:30:03
Karnataka Bank Launches National Pension System in Mangaluru
18 February 2017 Current Affairs: Mangaluru based private sector lender Karnataka Bank Ltd launched National Pension System (NPS) at its corporate office in Mangaluru on February 16, 2017.

To provide financial security at old age by giving regular income in the form of pension.

Under the scheme, one can contribute to NPS while earning and eventually start receiving pension on his/her attaining the age of 60 years to meet their financial needs.

To avail the benefit, any individual between the ages 18-60 years can register their name with the bank branch to contribute and to get pension benefit.

Besides, the investor can avail of the exemption to the extent of Rs 50,000 under section 80 CCD 1 even though they are contributing towards any other pension schemes.

Initially the bank has introduced this scheme at select branches and plans to introduce it in a phased manner at all of its branches.

 

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